Credit Suisse Group has appointed Philipp Wehle as the new CEO of its international wealth management (IWM) arm, replacing Iqbal Khan who held the role since 2015.

Wehle will also have a seat on the executive board.

The change takes place with immediate effect.

A Credit Suisse employee since 2005, Wehle most recently served as the CFO of the IWM unit. He held this role since the launch of the business in 2015.

Formerly, he served in senior management positions in finance and strategy at the bank’s Swiss business and international private banking unit.

Credit Suisse CEO Tidjane Thiam said: “Philipp is an outstanding leader and manager, with an impeccable track record of generating strong revenue growth while driving cost and capital discipline.

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“During his time as CFO of IWM, Philipp has been instrumental in deepening collaboration between divisions and with corporate functions, playing a key role in the development of International Trading Solutions.”

Meanwhile, Khan will quit the firm to pursue opportunities outside Credit Suisse.

He has been working at Credit Suisse since 2013 and previously served as the CFO of private banking and wealth management.

Before joining Credit Suisse, he worked at Ernst & Young, Switzerland.

Commenting on Khan, Thiam said: “Under his leadership, IWM has delivered strong financial results, while enhancing our client franchise and achieving industry leading growth over the period.”